This column is my opinion and expresses my views. Those views can change at a moments notice when the market changes. I am not right all the time and I do not expect to be. I disclose all my positions clearly listed on the page, and I do not trade my account on the stocks spoken of in this column unless fully disclosed. If that does not work for you stop reading and close the page. Do not bother me or harass me.
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Michael Kramer and the Clients of Mott Capital own Netflix, Acadia, Tesla
Markets Point To More Pain For Bears
U.S. Markets
- S&P 500 Future +7
- 10-Year 2.68%
- Oil $53.76
- VIX 15.34
- Dollar Index 96.79
International Markets
- Japan Nikkei +1.34%
- Hong Kong Hang Seng +1.16%
- China Shanghai Comp +1.84%
- South Korea KOSPI +0.50%
- UK FTSE +0.56%
- German DAX +0.16%
- German 10-Year Bund 0.13%
- Japan 10- Year JGB -0.01%
Global Growth Proxies:
- Copper $2.76
- Silver $15.66
- Platinum $791.30
Critical News:
China’s Pres. Xi to meet US trade delegation on Friday
International Trading
Hong Kong
Asia continued to rally overnight as the global equity rally continues to pick up strong momentum. What appeared to be most encouraging after the Shanghai break out yesterday is that Hong Kong’s Hang Seng broke out in today’s session. The index crossed a strong level of resistance at 28,160 and now is likely heading towards 28,980.
Japan
Japan’s Nikkei also cleared resistance at 20,951 and appears to be on a path to rise to around 21,981.
China
Shanghai appears to be on its way to 2,825.
UK
The UK FTSE is attempting to break out and rise above resistance at 7,200.
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The only significant breakouts I am waiting on at this point is the KOSPI, which could happen tonight and the German DAX, which is yet to be determined.
U.S. Stocks
VIX
The VIX is on the verge of a mega breakdown and could fall to back to 12. That is extremely bullish for stocks.
S&P 500 (SPX)
The S&P 500 continues to show signs for a rise in the index to 2,795.
Netflix (NFLX)
Netflix is trading above resistance of $360. But the key will be staying above $360 and rising further. Should it stay above $360, it continues to trend higher towards $380.
Amazon (AMZN)
Amazon continues to rise, and despite the overall trend remaining lower, the stock does seem to be heading towards $1,680 first.
Activision (ATVI)
We noted that giant gap fill in Activision around $40.50. For now, that support is holding. My first thought was that it could fall to $35.
Tesla (TSLA)
I have looked for Tesla to rise back to $333. It has been more of a challenge than I had thought. Yesterday the stock failed at a downtrend that I had not expected. The path just got more challenging.
GM
All of my analysis pointed to GM having trouble getting beyond this $39 -40 level. While I haven’t look at the options data lately, that RSI overwhelming points to a lower price ahead for the stock. GM’s Stock May Face A Rocky Road Following Quarterly Results
PayPal
PayPal is on the verge of a big break out should it rise above $95.
Acadia (ACAD)
Acadia held support very well at $21, and now it needs to get above $24.
Enjoy!
-Mike
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Mott Capital Management, LLC is a registered investment adviser. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Upon request, the advisor will provide a list of all recommendations made during the past twelve months. Past performance is not indicative of future results.